Wednesday, February 28, 2007

SGX trading system seem to have crashed

No, I dont mean, the prices. That already crashed. I meant all stock trading appear suspended, like it is just after 5pm. Guess there was so much selling the systems crashed. So much for tomorrow's market, today.

Update: So trades were being matched, well at least those that made it through, and maybe there will be confirmation of the trade, well, maybe. The shortists who hope to cover after 4pm would be caught with naked shorts, setting the stage for a big up day T+4.

-DJ UPDATE: Singapore Exchange Confirms Disruption To Trading
(Recasts lead, adds statement from Singapore Exchange.)

SINGAPORE (Dow Jones)--Trading on the Singapore stock market, which fell 3.7% Wednesday amid a slide in global equities, was disrupted by the high volume of orders, and the problem hasn't yet been fixed, the exchange said.

Technical staff are working to resolve congestion in the trading system but the exchange can't yet say that trading will be normal on Thursday, a Singapore Exchange Ltd. (S68.SG) spokeswoman said.

Brokers said the exchange's trading system was overwhelmed Wednesday.

There were "major problems getting orders through and trade confirmation," said a broker at a local bank.

Internet-based trading systems were also affected, the broker said.

The volume of orders caused "congestion" in the retrieval and display of order information on the majority of trading terminals, the Singapore Exchange said in a statement.

Buy and sell orders were still able to be matched, it said.

Some 3.2 billion shares changed hands Wednesday, according to Singapore Exchange data, about the same as Tuesday's session.

The Straits Times Index closed down 3.7% at 3,111.94 points following an overnight fall of 3.3% on the Dow Jones Industrial Average on fears of a U.S. recession and a steep fall Tuesday in Chinese shares.

-By Stephen Wright, Dow Jones Newswires; 65 6415 4151;
-Edited by Costas Paris
(END) Dow Jones Newswires
February 28, 2007 07:14 ET (12:14 GMT)
Copyright (c) 2007 Dow Jones & Company, Inc.

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